San Francisco's notoriously high rents are on the rise again, and fast.

After a few pandemic years in which renters actually got a reprieve, with some people opting to level up their apartments in 2020 and 2021 because of the discounts landlords were offering, rents have been steadiliy rising. But 2024 saw the most rapid rise, as Apartment List now shows the median asking rents in SF are 6.4% higher than they were a year ago.

Median asking rent for a one-bedroom was $2,670 in February 2024, and as of February 2025 it's risen to $2,864. Median asking rent for a two-bedroom is now $3,394 in SF.

Apartment List's data shows that rents in Austin, by comparison, have gone down by 6% in the same period, while New York City rents rose 5.5%.

The Chronicle reported on the trend, noting that San Jose, by comparison, saw just a 3% uptick in median rents last year.

These reports don't tend to account for rents in smaller buildings, many of which are rent-controlled after new leases are signed. But they provide a window into market trends, particularly in newly built apartment complexes.

SF rents are still well below the peak levels they hit in 2019, before the COVID pandemic struck, when the median one-bedroom rent was $3,270.

A rental agent who spoke to the Chronicle noted that vacancies are falling in the city as a new wave of tech workers move in — many of whom commute by car to Silicon Valley and are looking for units that come with protected parking garages. This demand is new since the pandemic, when most renters were seeking outdoor space and extra rooms that could become offices.